AVZ Minerals to commence drilling in mid-January

Company News

by Kathy Skantzos

Exploration company AVZ Minerals (ASX:AVZ) said drilling at the Manono lithium project in the Democratic Republic of Congo is expected to commence in mid-January.

This is a delay in the commencement of the project, which is due to a hold up of an embargo of vehicles over the Christmas and New Year’s period and a setback of drilling equipment requirements.

Drilling is expected to be complete by the end of Q1 or early Q2, now that the company has engaged with an additional drilling contractor.

Testing results has shown that in addition to lithium, the site has samples of iron, phosphorus and fluorine.

A share placement in October 2017 raised $2 million to help fund the project, bringing the company’s cash balance to $12.9 million.

Shares in AVZ Minerals (ASX:AVZ) are trading 5.1 per cent higher to $0.26.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.